MTN Group is exploring banking licences in some of its African markets as the telecommunications giant seeks to expand its lending business and use its balance sheet to provide loans directly to customers. MTN Group chief executive officer, Ralph Mupita, disclosed this on Tuesday while speaking with journalists. He said the proposed banking model would …
The African Export-Import Bank (Afreximbank) and its subsidiaries increased net income by 30 per cent to $534.7 million in the first half of 2026, as stronger lending and higher interest income drove a robust financial performance. Net income rose from $412.7 million recorded in the corresponding period of 2025, while net interest income increased by …
First HoldCo Plc, FCMB Group Plc and Sterling Financial appear to be taking a more cautious approach to deploying fresh capital after Nigeria’s bank recapitalisation, with equity growth outpacing loan expansion in the first half of 2026, while Wema Bank moved more aggressively into lending. The divergence among the four banks raises an early question …
The Nigerian Exchange (NGX) closed the trading week ended Friday, August 21, 2026, on a bearish note, as renewed selling pressure across major sectors pushed the benchmark index and market capitalisation lower. The NGX All-Share Index (ASI) fell by 1.35 per cent to 239,351.16 points from 242,619.20 points in the previous week, while market capitalisation …
Femi Otedola has further increased his stake in First HoldCo Plc after Calvados Global Services Limited, a company related to the significant shareholder, acquired 147.74 million shares of the financial services group for about ₦20.68 billion. The transaction, disclosed by First HoldCo to the Nigerian Exchange Limited (NGX) on Monday, August 17, was executed on …
The Nigerian stock market’s 228 per cent surge since 2023 has placed the Nigerian Exchange Limited (NGX) among the world’s strongest-performing equity markets. However, the Alliance for Economic Research and Ethics has warned that the rally comes with significant valuation and liquidity risks. In its assessment of the market, the Alliance noted that the NGX …
The Securities and Exchange Commission (SEC) will on Thursday, August 6, hold an investor clinic in Abuja to educate investors and beneficiaries on how to recover unclaimed monies and inherited investments in the Nigerian capital market. The programme, tagged 'Probate and Unclaimed Monies Awareness and Investor Clinic,' is part of a nationwide awareness campaign by …
Nigeria's insurance industry delivered a mixed but largely resilient performance in the first half of the year as stronger insurers posted solid earnings despite inflation, foreign exchange losses and rising operating costs, while weaker operators raced to meet the recapitalisation deadline under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The financial results suggest the …
The Centre for the Promotion of Private Enterprise (CPPE) has called for a major overhaul of Nigeria's development finance framework, warning that the country's manufacturing, agriculture, agribusiness, micro, small and medium-sized enterprises (MSMEs) and export-oriented businesses are facing a financing gap of more than ₦50 trillion. In a policy brief issued on Sunday, August 2, …
The Central Bank of Nigeria (CBN) spent much of 2025 battling rising fraud, growing consumer complaints, weak financial institutions and regulatory breaches, even as it intensified supervision across the financial system. Pinnacle Daily analysis of the CBN 2025 Annual Report shows that while Nigeria's banking sector remained stable overall, several areas of the financial system …
